CSS Accounting Papers-1
CSS Accounting Papers-1
CSS Accounting Papers-1
COMPETITIVE EXAMINATION-2022
FOR RECRUITMENT TO POSTS IN BS-17
UNDER THE FEDERAL GOVERNMENT
ACCOUNTANCY & AUDITING, PAPER-II
TIME ALLOWED: THREE HOURS PART-I (MCQS) MAXIMUM MARKS = 20
PART-I(MCQS): MAXIMUM 30 MINUTES PART-II MAXIMUM MARKS = 80
NOTE: (i) Part-II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART-II by selecting at least ONE question from EACH
SECTION. ALL questions carry EQUAL marks.
(iii) All the parts (if any) of each Question must be attempted at one place instead of at different places.
(iv) Write Q. No. in the Answer Book in accordance with Q. No. in the Q.Paper.
(v) No Page/Space be left blank between the answers. All the blank pages of Answer Book must be crossed.
(vi) Extra attempt of any question or any part of the question will not be considered.
(vii) Use of Calculator is allowed.
PART – II
SECTION – I (AUDITING)
Q. 2. Define audit planning. What factors should be considered by an auditor in developing an (20)
audit plan.
Q. 3. (a) Define an audit program. Give its advantages and disadvantages. (10)
(b) What are the purposes/benefits of conducting audit through a fixed audit program? (10) (20)
Q. 4. (a) Define ‘Fraud’ as applied to accounting. What are different types of frauds? (10)
(b) How will you detect and prevent the frauds related with embezzlement of cash? (10) (20)
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ACCOUNTANCY & AUDITING, PAPER-II
Additional Information:
a) Sundry expenses include donation of Rs. 502,000 paid to an unrecognized charitable institution.
b) Office salaries include Rs.6,000,000 paid to one of the directors.
c) Provident Fund is recognized by the Income Tax Department.
d) Vehicle expenses are not vouched and verifiable to the extent of Rs.1,881,000.
e) Actual depreciation works out to Rs.32,650,000 only.
f) Lease rental for the year are Rs.1,750,000.
Required: Calculate the taxable income and tax liability of the company for the tax year
2021 from the above data.
Q. 6. Discuss ten allowable deductions under the head of “income from business” under section 20 (20)
of Income Tax Ordinance 2001.
Q. 8. Why do bonds with long maturities fluctuate more in price than do bonds with short (20)
maturities, given the same change in yield to maturity?
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